Data-driven models are now being looked at highly by technologists across the world, and more so in India where it is believed by many in the community that effective data analytics and related technology could hold the key to solving multiple societal issues. In this regard, the right data is the key and there must be that big amount a data wherein formulation of models becomes effective. Here, the retail sector in India is believed by data scientists and technologists to be the next in line to get disrupted by data-driven models.
With data as the focal point, we interacted with Raj Vattikuti who is Founder at Altimetrik Corporation. Vatikutti is a respected and veteran technologist in the Indian technology (research and development) domain.
Are data-driven aspects even relevant for Indian retail?
“In India, technology-driven innovations like Aadhar are definitely revolutionary. Even e-commerce has proven to be a boon,” believes Vattikuti. As far as mitigation of issues is concerned, connectivity with the customers is an issue that could be mitigated. Even the conventional small shots could be integrated through futuristic technology aspects such as the Internet-of-Things (IoT) that utilize data.
In reality, the sheer quantity of data generated could definitely be leveraged to develop models that could drive a variety of decisions. But the security of such devices needs to be compliant with standards.
“Compliance with security standards for IoT devices is the key task for technologists,” adds Vattikuti.
Could FinTech and Retail solutions be merged together to better the overall consumer retail experience
“Technology only acts as an enabler. FinTech solutions only leverage technology to enable humans to create solutions. Technology does not do everything,” iterates Vattikuti.
This means that the scope for development of disruptive solutions in the Indian retail space definitely exists and needs to be properly analysed/harnessed by technologists, rather than merely integrating solutions. Even in the case of FinTech, the end result should be to drive consumer decisions without acting as the decision itself. This is vital.
In summary, with data-driven models all set to play a key role in retail, it is always advisable for technologists/data-scientists to create viable solutions which are easy to comprehend for the consumer without having to over-delve into the ocean of technology. The future, for the Indian retail scenario, is definitely bright.